Natural gas jumps on tighter inventories, oil report up next

Author: Adam Button | Category: News

Weekly oil inventories coming up

The Columbus Day holiday stretched the timeline for this week's US energy inventory reports. Today's natural gas data boosted prices back near $6 as inventories rose 81 bcf, less than the 94 bcf expected. That sent gas to the highs of the day:
Weekly oil inventories coming up
CIBC says "With LNG-related demand poised for growth and supply levels still subdued, we believe that North American natural gas prices are likely to remain quite strong through a normal winter scenario."

Next up is the US oil inventory report. The data from API yesterday showed a big slowdown at refineries that sparked a surprise boost in oil inventories but a big draw in products.

  • Crude +5213K
  • Gasoline -4575K
  • Distillates -2707K
  • Cushing -2275K
The consensus has likely shifted since then but here's how it stands:
  • Crude +702K
  • Gasoline -83K
  • Distillates -933K
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